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Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has been in decline below the moving average lines as it begins its range-bound move. The crypto asset has recovered from its earlier decline, reaching a high of $11.85. Buyers failed to maintain bullish momentum above the $12 barrier mark.
The DOT price fell to a low of $5.67, but bulls bought on the dips. The selling pressure has subsided after April 13, 2024. The bulls halted the decline above the $6.20 support level, resuming the sideways trend. Polkadot is currently trading above the $6.20 support level but below the moving averages.
Moving average lines restrict upward movement. However, if the crypto rebounds above its current support level, the crypto’s price will propel it above the moving average. The DOT price will fall to its previous low of $5.67 if the current support is violated.
Technical indicators:
Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3, $1
Daily Chart Indicators Reading:
The selling pressure has subsided as the altcoin maintains its range-bound movement, with the latest support near $6.20. On the 4-hour chart, the price bars are positioned between the moving average lines. This will lead the cryptocurrency to continue to fluctuate between the moving average lines.
General Outlook for Polkadot (DOT)
In recent weeks, the altcoin has maintained a range above the current support and below the moving average lines as it begins its range-bound move. The upward trend will resume whenever the cryptocurrency price breaks and closes above the 21-day SMA.
If Polkadot falls below $6.20, selling pressure will resume. Polkadot is still trading above its current support.
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